If it really makes a difference, then the JIT will probably optimize these to the same compiled code. I wouldn't expect there to be a performance difference at all. Which one is more readable is pretty subjective, though I would lean towards option 2.
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Louis WassermanApr 19 '12 at 15:49

Run the code through a profiler to answer the question for your usecase.

The answer to this will probably be JVM specific. The Oracle HotSpot JVM is going to perform differently than OpenJDK or IBM's JDK. Timings will depend on how the JVM optimizes the byte code, what it decides to compile while it is running. Server vs client mode will probably make a difference too.

So aim for readability. Optimize after profiling and determining that section of code is the problem.